HMV, an iconic music and entertainment retailer, is continuing its comeback by opening another brand-new store after it fell into administration and closed a significant number of its shops.
The retailer fell into administration twice: once in January 2013 and again in December 2018. However, in early 2019, HMV was bought out by Sunrise Records, a Canadian music retailer owned by Doug Putman, and around 100 stores and most jobs were saved. Since then, the company has expanded beyond DVDs and CDs and shifted focus to vinyl, pop culture merchandise, tech accessories, and even live performances in-store, and it appears that the company is continuing to work on its expansion as a new UK store has been announced.
As part of HMV’s new plans, the retailer will be opening three new stores across the UK and Europe, including one in Peterborough, which is set to open in the Queensgate Shopping Centre later this year.
New stores in Cork, Ireland and The Hague, the Netherlands, also make up the brand’s latest phase of its major comeback. The Cork store will be based in Merchants Quay Shopping Centre, and will be the brand’s third Irish branch as it aims to “strengthen its position in the Irish market”, reports The Sun.
The Hague store is currently in the final stages of development and will be HMV’s first store in the Netherlands, and third in the EU market after Belgium and Ireland.
Phil Halliday, HMV managing director, said: “We’re constantly striving to create new homes for communities of fans to come together and share their love of music and popular culture.
“That’s why we’re so thrilled that, after five years of working on a deal, we’re finally able to open a new store in Peterborough and meet the strong public demand.
“We are also set to open our first store in the Netherlands and a third store in Ireland before the end of the year, in The Hague and Cork respectively.”
He also revealed that there will be a continued focus “on opening stores in Ireland and across mainland Europe as [they’re] main targets for expansion, where it currently makes more sense to do so from a business point of view”.
Reports earlier this year suggested that Budget-related taxes led HMV to postpone its UK expansion plans.
However, since making a comeback to the high street, including with the reopening of its London flagship store, the 90-year-old company has seen success with its stores. Its flagship HMV Vault in Birmingham is one of the largest entertainment stores in Europe.
